Intuit Tax Level 1 Study Guide
Questions with 100% Correct Answers
Ford 1040, Line 1 Correct Answer: Wages, salaries, tips, etc. Reflects income
from form W2.
Form 1040 Line 2B Correct Answer: taxable interest; form 1099-INT
What is the child tax credit for each child under 17? Correct Answer: $2000
Net capital losses over $3000 can be carried forward indefinitely until exhausted.
Correct Answer: True
In 2021, Gustav bought a residential real estate property and rented it full time
on November 1, 2021. What schedule should he include with Form 1040?
Correct Answer: Schedule 1; Schedule E
Kahn received a Capital Gain Distribution reported on Form 1099-DIV, Box2a
and also received a 1099B reporting long term capital gains. What should he do
when preparing the Form 1040? Correct Answer: Attach a schedule D
Schedule 1 (Form 1040) Correct Answer: additional income and adjustments to
income
Schedule 2 (Form 1040) Correct Answer: additional taxes
Schedule 3 (Form 1040) Correct Answer: Additional Credits and Payments
Schedule A (Form 1040) Correct Answer: itemized deductions
Schedule B (Form 1040) Correct Answer: Interest and Ordinary Dividends
Schedule D form 1040 Correct Answer: Capital Gains and Losses
, Schedule C (Form 1040) Correct Answer: Profit or Loss from Business (Sole
Proprietorship)
Schedule SE (Form 1040) Correct Answer: self employment tax (SS tax)
Schedule E (Form 1040) Correct Answer: Supplemental Income and Loss (From
rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs,
etc.)
Schedule EIC (Form 1040) Correct Answer: Earned Income Credit for a qualifying
child
Schedule 8812 (Form 1040) Correct Answer: Additional child tax credit;
refundable credit received if child tax credit is greater than total amount of
income taxes owed
Three conditions to not pay estimated tax for current year Correct Answer: 1.
They had no tax liability for prior year
2. They were a U.S citizen or resident alien for the whole year
3. Prior tax year covered 12 months
Form 2210 Correct Answer: Underpayment of Estimated Tax by Individuals,
Estates, and Trusts
Linda, a US resident and sole proprietor, expects that she will owe $2500 and
taxes for the current year. According to the IRS guidelines, which is true about
Linda's estimated tax payments? Correct Answer: Linda must make estimated
tax payments for the current year since her expected tax liability is $2500 or
more
How to request an extension on taxes Correct Answer: - online payment option
and check the box
Questions with 100% Correct Answers
Ford 1040, Line 1 Correct Answer: Wages, salaries, tips, etc. Reflects income
from form W2.
Form 1040 Line 2B Correct Answer: taxable interest; form 1099-INT
What is the child tax credit for each child under 17? Correct Answer: $2000
Net capital losses over $3000 can be carried forward indefinitely until exhausted.
Correct Answer: True
In 2021, Gustav bought a residential real estate property and rented it full time
on November 1, 2021. What schedule should he include with Form 1040?
Correct Answer: Schedule 1; Schedule E
Kahn received a Capital Gain Distribution reported on Form 1099-DIV, Box2a
and also received a 1099B reporting long term capital gains. What should he do
when preparing the Form 1040? Correct Answer: Attach a schedule D
Schedule 1 (Form 1040) Correct Answer: additional income and adjustments to
income
Schedule 2 (Form 1040) Correct Answer: additional taxes
Schedule 3 (Form 1040) Correct Answer: Additional Credits and Payments
Schedule A (Form 1040) Correct Answer: itemized deductions
Schedule B (Form 1040) Correct Answer: Interest and Ordinary Dividends
Schedule D form 1040 Correct Answer: Capital Gains and Losses
, Schedule C (Form 1040) Correct Answer: Profit or Loss from Business (Sole
Proprietorship)
Schedule SE (Form 1040) Correct Answer: self employment tax (SS tax)
Schedule E (Form 1040) Correct Answer: Supplemental Income and Loss (From
rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs,
etc.)
Schedule EIC (Form 1040) Correct Answer: Earned Income Credit for a qualifying
child
Schedule 8812 (Form 1040) Correct Answer: Additional child tax credit;
refundable credit received if child tax credit is greater than total amount of
income taxes owed
Three conditions to not pay estimated tax for current year Correct Answer: 1.
They had no tax liability for prior year
2. They were a U.S citizen or resident alien for the whole year
3. Prior tax year covered 12 months
Form 2210 Correct Answer: Underpayment of Estimated Tax by Individuals,
Estates, and Trusts
Linda, a US resident and sole proprietor, expects that she will owe $2500 and
taxes for the current year. According to the IRS guidelines, which is true about
Linda's estimated tax payments? Correct Answer: Linda must make estimated
tax payments for the current year since her expected tax liability is $2500 or
more
How to request an extension on taxes Correct Answer: - online payment option
and check the box
